Pursuant to section 8 (1) of the Insurance Companies (Ratings and Inspections) Act 1994, the insurer financial strength rating for New Zealand Insurance Limited and subsidiary New Zealand Insurance (AI) Limited has been reduced from "AA" to "AA-".
The new rating, which remains in the "very strong" category, is the result of a change in Standard and Poor's rating methodology and not of any change to New Zealand Insurance's underlying strength.